Market Size of North America Naval Vessels Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 19.04 Billion |
| Market Size (2029) | USD 39.48 Billion |
| CAGR (2024 - 2029) | 15.70 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Naval Vessels Market Analysis
The North America Naval Vessels Market size is estimated at USD 19.04 billion in 2024, and is expected to reach USD 39.48 billion by 2029, growing at a CAGR of 15.70% during the forecast period (2024-2029).
The market is primarily driven by the initiatives undertaken by nations such as the US to enhance its naval warfare capabilities due to a rise in naval conflicts, the growth of piracy, and human and drug trafficking. The ongoing geopolitical turmoil has led to an arms race that has encouraged the US to develop and deploy advanced naval vessels with similar or better operational characteristics than its potential adversaries.
On this note, the US is planning to include 46 more ships in its naval fleet by the end of 2023. However, Canada’s naval vessel market is expected to experience slow growth during the forecast period, owing to the government's insufficient and ineffective budget allocation and the country's reluctance to upgrade its naval capabilities.
Manufacturers are under growing pressure to provide various countries with their individual customized vessels as per the requirement of their own. Development and manufacturing costs increased as a result of the application of advanced digital technology, e.g., High-Speed Processors, Combat Management Systems, and Data links in combination with enhanced automation and sensor fusion. Nevertheless, these technologies have led to an important increase in the combat performance of maritime vessels.
